Baanganga Gold & Diamond (I) Ltd has filed draft papers with SEBI for an initial public offering (IPO) of up to ₹720 crore. The filings, made via a draft red herring prospectus, propose a public issue structure combining a fresh equity sale and an offer for sale (OFS). The company has not yet announced key IPO details such as the price band or subscription dates.
Under the proposed terms, the fresh issue is up to ₹540 crore and the OFS is up to ₹180 crore. The sources say ₹405 crore of the fresh issue is earmarked for working capital requirements for FY27, FY28 and FY29, with the remainder intended for general corporate purposes. The OFS allows promoters Navratanmal Jeetmal Ganna and Jinesh Navratanmal Ganna to sell shares worth up to ₹120 crore and ₹60 crore, with proceeds going to the selling shareholders rather than the company.
The outlets also note Baanganga’s business profile and lead management. The company designs, manufactures and sells gold and diamond jewellery, supplying organised retail chains, wholesalers and distributors, and it operates manufacturing facilities in Mumbai. DAM Capital Advisors is listed as the book-running lead manager, and KFin Technologies as the registrar. A market report cited in the filings provides context on India’s wholesale gold jewellery market size and projected growth.
